LUBBOCK, Texas (KCBD) – Local governments have just finalized budget plans, and as taxing authorities propose tax rates in the coming weeks, the State of Texas has set up a website where you can see what the proposals mean for your specific property.

Click here to go to the site, then select your county and enter an address. The site will be updated as elected officials make rate proposals.

Each year, any entity that imposes a property tax must set a new tax rate. Unlike sales or income taxes, the previous year’s property tax rate does not carry over into the new year. A new year means a new equation.

An average increase in the value of a property in a district, city or county does not automatically mean an increase in the property tax to be paid.

The equation for your property tax bill is: (Tax value) x (property tax rate) = property tax owed

Here are some key terms:

No new tax rate for income: This takes into account how much the assessed values ​​have changed and the tax authority would receive approximately the same amount of revenue from the property on the tax roll for both years. It does not take into account new developments or other significant changes to the property.

If the change in your property’s assessed value is equal to the average change in your county/city/district, your tax liability will remain the same as last year due to the no-new-revenue rate.

Voter-approved tax rate: According to the Texas Auditor General, in most cases a vote on voter approval of a tax increase is triggered when the government sets a tax rate that is higher than voter approval.

Exceptions: The Texas Comptroller’s Office has information on property tax exemption, exemptions for persons 65 and older, disabled citizens, disabled veterans or their surviving spouses, surviving spouses of first responders killed in the line of duty, and others.

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